General Motors has revised it loss figures upwards, adding another $2 billion in costs to scale back its American operations and to bail out parts maker Delphi, reports the New York Times. And the company is sitting on its annual report until it can check accounting going back five years and iron out “irregularities” at its residential mortgage unit.

The rumor is that a bigger number makes it more certain talks with the UAW are making progress. GM’s own restructuring costs include early retirement packages for UAW members and payments to workers in the company’s jobs bank, a program that guarantees full pay for workers whose factories have been shut down.

With all that, it’s no wonder that Bloomberg columnist Doron Levin is arguing that Toyota and Honda will never try and bail the U.S. automakers out. They are, he says, protected by “poison pills” - the massive GM health-care and pension liabilities, plus a grossly non-competitive U.S. labor contract with the United Auto Workers union.

Levin contrasts the billions GM has wasted in alliances and restructurings to the modest investment Toyota is making at Fuji Heavy Industry Ltd.’s Subaru plant in Lafayette, Ind. to make Camry engines. Both Toyota and GM recognized Fuji’s strengths but GM could not execute.

The bottom line is that Toyota or any other predator would wait until GM lands in court and will then be able to get the pieces it wants at a deep discount. Which also raises the question of what Kirk Kerkorian’s plans are to revive the automaker?